I just shared this success story bellow on Bigger Pocket. If you haven’t done so. I suggested you doing so. this is the great place for new folks to get started in real estate. I have no affiliated with Bigger Pockets but through them, i was able to met wonderful people who now became friends and co-leagues. I want to give back to the community by sharing my success stories and motivated new landlords. Bellow is the post:
I just want to share another simple, boring, but sexy deal to motivate new landlords and to show them that real estate investing does not have to be complicated. with commitment, persistent and the willingness to put in the work. Anybody can do this.
This is a turned key house ready to move in that i bought 3 years ago for 87k at 20% down. i made No immediate repair and move in immediately. PITI is around 650 a month. 3 years later, i moved out and was able to rent it out for only 3 days on market at the market rent of $1300 a month.
The point of the story is if you can, and especially when you starting up – buy your personal resident with an investor mindset. This is kinda hard but I done it, other people done it (house hacking). Even on the new house that I current live in right now. i still have to make sure that in the event that i have to rent it out, the market will still be more than enough to cover the PITI. This will add a plus to your mobility factor and the ability to snatch up good deal.
To sweeten up the deal. I was able to rent out my room on Airbnb and generate decent cash flow to help with the bill. On top of this, Remember to set up a HELOC on your house before you move out. This allow you to access the equity of the house without selling it.
An investor once told me that fix up your rental as if you don’t mind moving in. Screen your tenant super hard but then treat them with respect and dignity. You will have long-term tenant and they will stay with you long term. I’ve been following his advice all the way until now